March 10, 2010 (FinancialWire) — Casino operator MGM Mirage (NYSE: MGM) said it plans to offer up to $845 million in aggregate principal amount of senior secured notes due 2020 in a private placement.

The company plans to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its senior credit facility and related fees and expenses.

The notes will be secured by a mortgage on MGM Grand Las Vegas and substantially all existing and future property of MGM Grand Hotel, LLC, and, upon receipt of the necessary gaming approvals, a pledge of the limited liability company interests in MGM Grand Hotel, LLC.

Nevada-based MGM Mirage has owns and operates 16 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau.

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